India Mobile Phone Insurance Market Forecast, Growth, Size, Share 2022-2027
India Mobile Phone Insurance Market is predicted to expand at an impressive rate over the next few years. Mobile phones are now an essential component of modern life since they are used as a medium for entertainment information, education, news, and more. They are also an efficient way to carry the transaction and payments that are digital. Here, we will discuss the India Mobile Phone Insurance Market Forecast, Growth, Size, and Share 2022-2027
As mobile phones are becoming increasingly utilized for digital transactions as well as for keeping personal data, users are searching for ways to protect the security of their devices. Mobile phone insurance allows users to avoid expensive replacement costs in the event of a mobile phone's loss or breakdown.
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The increasing frequency of accidents, such as theft of mobile phones, loss, and mechanical or technical breakdown, among others, is one of the main drivers that are driving the India Mobile Phone Insurance Market for mobile phones. Furthermore, the simplicity of the claim procedures, the possibility of upgrading policies, and the expansion of protection to cover accessories are increasing the demand for the market. Additionally, the cooperation between insurers and mobile phone companies will further boost the market.
The Indian market for mobile phone insurance is divided by phone coverage, distribution channel, coverage, plan, user's end region, and the company. Based on coverage the market is divided into new phones and used phones. New phones are dominant in the market as refurbished phones aren't that common in India and consumers are choosing to buy new phones exclusively. Based on the coverage the market is divided into physical damage, security from theft, electronic damage virus protection, and other.
The segment for physical damage is expected to be the dominant market segment during the forecast time frame due to the increasing demand of customers for this category as it includes repairs and replacement expenses. In terms of distribution channels, this market could be divided into mobile service providers, OEMs of devices retailers, online, and many more. Retailers are expected to have a significant share of the market because of the purchasing behavior of Indian customers who purchase from retail stores.
The main players in India Mobile Phone Insurance Market for mobile phones include Bajaj Allianz General Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, New India Assurance Co Ltd., SyskaGadget Secure Insurance, TIMES Global Mobile Insurance, Go Digit General Insurance Limited, OneAssist Consumer Solutions Private Limited, syncNscan, Warranty Bazaar and others.
The years considered for This Report for India Mobile Phone Insurance Market
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021-2027
The objective of the Study India Mobile Phone Insurance Market
- To analyze and forecast the dimensions in India of the mobile insurance industry.
- To define and forecast India the market for mobile phone insurance by phone coverage as well as distributor channel, coverage, customer, and company distribution.
- To identify the drivers and issues in India Mobile Phone Insurance Market players and phones.
- Examine the competitive landscape, like expansions and new products, launches mergers and acquisitions, etc. In India Mobile Phone Insurance Market.
- Conducting a pricing analysis to analyze pricing India the mobile insurance industry.
- To identify the most dominant regions or segments within the Indian mobile phone insurance markets.
- To analyze and identify the competitive landscape of the top players operating in India the insurance market for mobile phones.
TechSci Research performed both primary as well as extensive secondary research in this study. In the beginning, TechSci Research sourced a list of service providers across the nation. Then, TechSci Research conducted primary research surveys with these firms. In the course of the interview, participants were also asked about their competition. This method of interviewing, TechSci Research could include the companies that were unable to be identified because of limited secondary research. TechSci Research analyzed the service suppliers, distribution channels, and the presence of all major players across the nation.
TechSci Research calculated the market size of India insurance for mobile phones by employing a bottom-up strategy using which data for different segments of the end-user were recorded and forecasted for the coming years. TechSci Research sourced these values from experts in the field and representatives of companies, and then externally verified these values by analyzing historical data on the various types of products and applications to determine accurate, global market size.
Numerous secondary sources, such as news articles on company websites and press releases, as well as annual reports from companies' presentations to investors as well as financial statements, were examined through TechSci Research.
Key Target Audience for India Mobile Phone Insurance Market
- Mobile phone insurance companies
- Consulting and market research firms
- The government bodies include those that regulate the authorities as well as policymakers
- Alliances, forums, and associations that are related to insurance for mobile phones
The research is helpful in providing the answers to various important questions to the stakeholders in the industry including service providers, users as well as other stakeholders such as service providers, end users, etc. In addition, it assists them to plan investment strategies and maximizing opportunities in the market.
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